Bank supports medical practice merger
Updated 12:56pm Thursday 5th June 2014 in Business news
A YORK medical practice has become one of the largest in the UK after receiving funding support from Yorkshire Bank.
The Priory Medical Group has completed its merger with Abbey Medical Group, increasing its number of surgeries across the city by three to nine. The deal also sees staff numbers at Priory Medical Group grow to almost 200.
The partnership, which now cares for 53,600 patients across Yorkshire, completed the merger after receiving a multi-million pound funding package from long-term banking partner, Yorkshire Bank.
The deal was conducted by Jeremy Bowers from Yorkshire Bank’s North Yorkshire Business and Private Banking Centre in York.
Priory Medical Group is expanding in anticipation of the forthcoming changes to the way in which the Government commissions community healthcare.
It is the second largest medical practice in the country, in terms of patients, which bosses say places the partnership in a strong position when it bids for primary and community care contracts.
Martin Eades, a managing partner at Priory Medical Group, said: “We want to play an active role in commissioning healthcare for the communities we serve. This merger allows us to demonstrate that we have the required size and experience needed to deliver the best care for our patients in and around York.
“We have banked with Yorkshire Bank for more than 16 years and our growth during that time would not have been possible without the support and time which they have invested in us. The Bank’s team have taken the time to learn about our business and have been genuinely interested in learning about what we do.”
Priory Medical Group currently has 16 partners and also owns a pharmacy business which is attached to its surgery in Acomb.
The group intends to increase its workforce further in the coming months as it takes part in a Government initiative in community care.
Rick Warburton, head of Yorkshire Bank’s North Yorkshire Business and Private Banking Centre, said: “Priory Medical Group is a strong, growing business which plays a hugely important role in the local community so we are proud to be supporting them.
“During the partnership’s 16 years as our customer, they have had access to the same relationship manager who has the developed knowledge of their operations and business expertise required to help them achieve their ambitions.”
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